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, quite frankly happen. now we're talking about using the fiscal cliff or the debt ceiling as the ultimate weapon, trying to get something from the president now or give something to the president now with a threat that the debt ceiling will be used as the weapon in a few weeks or months. and quite frankly, that's no way to run a country. we need to move beyond this stalemate and this gridlock and both parties need to come together. i think the president's trying his best and, quite frankly, i would say that speaker boehner is really trying here. but these are difficult circumstances and i believe -- i return to what i said earlier. we had an election. the president won. when it comes to these tax matters, the people of this country are supportive of the president's approach. >> i'm curious, chip, and you were on this teleconference and obviously those are people very involved and very interested but there's an awful lot of fatigue, election fatigue in this country and, frankly, the holidays -- holiday season is upon us, people are busy, kids are back in school, so son and so forth. how mu
reporter on the latest in the senate on president obama's proposal on the fiscal cliff and the debt ceiling. this is about five minutes. >> andrew taylor covers congress for the associated press. there were some attempts by mitch mcconnell to get roll-call votes on the president's debt plan and his fiscal cliff plan and the debt ceiling plan. what was he trying to do? >> guest: he was trying to embarrass the democrats. for instance, the president's plan on the debt ceiling was basically allowing the president to request whatever increases without the approval of congress and he thought that would embarrass democrats if they had to vote for it particularly endangered ones. >> sounded like leader reid took the bait. how the democrats respond? >> guest: there are a lot in politics going on here. we just talked about politics from mcconnell's side. democrats are aware that even if they allow -- even if they get the republicans to crumble on raising tax rates for upper bracket people there is still going to be a need next year, say march, to increase the debt limit and that was what john boehner
can work together and have a balanced approach to deficit reduction to avoiding the fiscal cliff with revenue and spending cuts departments are willing to embrace so we can make sure we avoid this fiscal cliff and particularly raise the debt ceiling and avoid economic disaster. >> if that's the only particular issue to confront us next year if it is not wrapped up in this one negotiation as it should be. later in the show, we'll talk to chris van hollen, your colleague about a motion to dismiss possibility that would circumvent john boehner's extrasty to keep this bill off the floor. we will see about that. look, will rogers famously said i'm not a member of on organized party, i'm a democratic. you seem to tame the beat. under your leadership, the party has been unified. you had remarkable gains in the senate. how did you do it? >> this is a team effort. in fact, you took the words right out of my mouth from the d.n.c. meetings. i quoted will rogers in celebrating our victory because i think that will rogers would be surprised and proud that the party that he knew not to be orga
-term issue about reducing the deficit and the debt and the current issue is the fiscal cliff. that would be the worst fiscal policy put in place since the great depression when we put an austerity policy in place to send and through the country back into recession. the idea that we have got into a debate as to how to reduce the deficit is wrong. we say don't reduce the deficit now this fast. that is what the fiscal cliff is all about and that's why ben bernanke cannot put the phrase. guest: as exactly right, we have two very different problems. the only reason we're talking about the second issue is politics. this is the politics of the moment tromping economic common sense which is a dangerous combination. guest: the fiscal solution is a fig leaf to allow members of congress to say we're going to spend so the spending cuts and tax increases and let the deficit be $500 billion higher. host: the debt is at $16.30 trillion and has increased $4 trillion over the last four years. the present and congress will say that over the next 10 years, we will get it back to where was in 2009, correct?
. >> thanks so much. >>> last night he describes what he says is to use the debt creel as a pawn in the fiscal cliff negotiations. >> they see the handwriting on the wall and they're going to have to extend it, and if they don't the whole country will see they were willing to tank the entire economy and give everybody the tax break to give people at the top a bonus. where they're just dead wrong, ed, is thinking they're going to gain leverage over this debt ceiling because the american people are not going to stand for republicans turning right around and threatening to destroy the american economy by having the united states default on its debts. >> don't miss "the ed show" 8:00 p.m. eastern time. >>> there are new details about the stunning military operation and the u.s. navy s.e.a.l. who heroically gave his life to help save a doctor kidnapped by the taliban. nbc's jim has the story. >>> he was a highly decorated navy veteran killed sunday in afghanistan. the s.e.a.l.s set out to rescue an american relief worker dr. dilip joseph kidnapped last week on the road east of kabul. joseph was hel
cliff deadline they have to raise the debt ceiling which can be used as leverage. >>shepard: doctors had given up on saving a little girl with leukemia and now she is alive and her cancer is in complete remission. how did they do it? there is an experimental therapy that saved her. and they tell us it could revolutionize cancer treatment. it has to do with one virus called hiv. >>shepard: doctors say cancer already killed a since-year-old girl until they triad very different kind of treatment. they gave her a disabled form of h.i.v., the virus that causes aids and now the girl has been cancer free for seven months. researchers say this could fundamentally change the way we treat the crippling cancer of leukemia. a doctor who helped develop this treatment is director of blood and transplant at a center in philadelphia. h.i.v....what does this do? >>guest: if you think about it, one of the ways that h.i.v. works is by getting into cells, into immune cells. it is good at getting any cells but the virus makes them sick and kills the immune cells so, what my colleagues have done is take the p
of coffee this morning. starbucks ceo has sobering advice to offer on the looming fiscal cliff, that the consequences will be far worse than last year's debt ceiling fight when the u.s. credit rating was downgraded for the first time ever. his message to lawmakers, now is not the time to play politics. it's about doing right by the american people. >> i think if people would get in the room and leave their ego behind, and not be so skewed towards the party but be so sensitive to the lens of the american people, we will have an agreement. >> poppy harlow is joining us with more. we've been talking about how this will affect us. schultz says this goes way beyond our boarders. >> it's global. something that stuck with me talking to him about this, the people who need a deal most will be hurt the most. here's why. >> this single issue has a seismic affect on the rest of the world, that we have never been as connected and the domino effect of a bad outcome here will have significant negative consequences, domestically and around the world, not the least of which will be the level --
things done. not limited to just worry about the debt and fiscal cliff and such. our program today just loosely, i'm welcoming you, obviously, joan walker's going the talk, ed reilly of sgi is going the give the polling results, and then ron brownstein of national journal is going to do our interview, and then we're going to have a panel discussion. so it's going to be a full and absolutely terrific day, i think. please, turn these babies off. and, again, welcome you. let me introduce joan walker. joan is executive vice president of allstate which is one of the country's largest insurance, we're in good hands with allstate, we all grew up with that. joan has been a terrific partner, in the last four years she's responsible for all corporate relations with allstate. prior to joining that company in 2005, she did similar work with monsanto and qwest. she is a consummate marketing and communications strategist which, of course, in this town of washington is really all about. so, joan, thank you very much, and we want to welcome our friends here. [applause] >> good morning, and thank you so
on the fiscal cliff be the grand bargain that puts the debt issue to bed or just enough to get past the cliff? or could the president get big concessions from john boehner and force liberals to sign off a-o a big inteelgtsment change? much more talk the past week about hillary clinton gearing up to run for president. in a new washington post poll, her numbers like like they would give her a quick route to the nomination. and a strong chance to win the white house for a clinton third term. join me and david ignatius, john harris, michele caruso ka fwrar cabrera for a great round table. here's what's coming up on "meet the press." ma,ñ0ót5 behind?n00o thisu this morning i'll go inside negotiations with two lawmakers close to them, dick durbin of illinois and congressman, one of boehner's top advisers. i spent time on capitol hill this week. one question i'm dealing with this morning, what has actually changed since last summer's debt debacle? my sense is we may be closer to a deal than some of all the publicr7ó(w- leads to you believe. we'll talk about that. with our political round ta
-term debt crisis, the so-called fiscal cliff, and i hope that we will, the debt in the years to come will increasingly dominate the budget. it will pressure defense and a in a serious way. so without addressing the long-term tenure solution as the animal outline, the defense budget is going to be under increasing pressure. that is inevitable and the interest rates have not even started going up, which is also inevitable at some point. the third one a month make is that the problems within the internal defense budget and the dynamics of this budget also make the problem more difficult and more complicated. it also requires a longer term to address some of these calls. first of all, the rising health care costs, and retirement costs and fuel inefficiency. each of those has their own complexities, but all are important. so the budget is going to have to be addressed, even if the topline is the one that is a rational topline. in other words, we have entitlements within the defense budget now which are comparable to the entitlements and all the snow we have to deal with outside the defens
fiscal cliff. since we had another fiscal cliff type scenario with the debt limit that credited the scenario that led to this, and this idea i voted against that, put bad things to happen at one time because that will force washington to do something. well, surprise, it didn't work. here we are, again, facing this. we have two issues to face. number one is in the immediate term avoid doing damage, and avoid doing harm, and so we need to look for a way to accomplish that in the short term. we have to, we have to, we have to have a conversation about getting the fiscal house in order. i heard bob talk about that. it's fundamentally true. spending a trillion dollars a year more than we take in. that's a fact. address it. i approach the issue with a following belief that the only way to get that in order is through rapid economic growth. there's no taxes you can raise to bring this debt down. what the president's proposing does not raise the revenue to make a significant dent on the debt, but it will make a didn't on job creation, particularly middle class job creation, and that's w
that in the summer of 2011, we nearly went over the fiscal cliff by not paying our debts. that caused our bonds to be downgraded because we had an element within the republican conference that was willing to take us to the cliff and hold us hostage. when you look back and see historically that the debt ceiling was raised 17 times, under ronald reagan and eight times under george h. w. bush canada seven times under bill clinton and six times under george w. bush, really it is honoring the full faith and credit of the u.s. government. , iaching that to a debt understand ideologically why people might want to do that, but why would you take the nation to this process? there was a passage of a special select committee. that select committee, if it did not respond with further cuts and tax increases, would seek a so-called sequestration comoe spending domestic and military spending. already in congress we obscene that while the cuts have been made on the military side, some would say there's more to come and on the domestic side and others would argue there's more to come there, the cuts have been s
-span web page dedicated to the fiscal cliff. the combined things related to the issues. it is all at cspan.or g/fiscalcliff we will have a discussion about change and how u.s. debt, economic growth, and retirement of baby boomers could lead to political and economic change. >> the house returns tomorrow. members will be coming in to consider defense department programs for next year. we will have live coverage of the house tomorrow at 2:00 eastern right here on c-span. >> i think people still love discovery. the ability to find surprises. every month or every year, people are suddenly talking about some show. you could've said to me, mike, i want you to choose honey boo boo, or a certain food channel network. i do not think if i had to determine that, i ever would -- at the ability to stumble on them, and then double around and that and find, i sort of like honey boo boo, that is a huge part of the american television experience. i think it is sold short when its techno ecstatic. i think a lot of americans love the enjoyment of escapism and passivity and being able to roam around the tv ju
ceiling orificical cliff. it was the debt ceiling. >> steve: first fiscal cliff of our lifetime. >> gretchen: it feels like it has been here a longg time and they were talking about the importance of the day to get the bill actually through. i feel like they can jump through hoops and get past that, too. >> eric: had it has to originate in the house and sent over marked up to the senate and point being there is a lot of hoop to jump through. you know. rudy guiliani is on hannity last night. he was approached with the same sort of problem in new york city . listen to how he handled it >> i was given a report that said you have to raise taxes and said nothing about reducing spending. i was not an economic expert. i became one after becoming mayor in new york. i said it makes no sense. if i raises tax now. i will have to do it in two or four years. i will try to do something different. lower taxings. i in the beginning but a little bit and two or three years lower taxings. we had a three billion surplus and unemployment dropped from 10.5 to six percent . the city was humming. bowle
. [ ♪ patriotic music ♪ ] >> stephanie: fiscal cliff let's take the plunge in the l.a. times. the debt will fall social security and medicare will go on unharmed, and we'll go back to tax rates that work better than the current ones. many made a public plea to george w. bush not to enact these tax cuts. they said it would woesen the budget deficit decrease quality, and fail to produce economic growth. well what happened? [ bell chimes ] >> stephanie: exactly that. [ ♪ patriotic music ♪ ] >> stephanie: since then the budget deficit has ballooned, the economy has spiraled into the greatest decline since the great depression history has proved that 450 economists were exactly correct. this could push the american economy off of a fiscal cliff, am i missing something here? can it be such a bad thing. not really said the cbo. if congress extents current policy, the debt and deficit will increase slowing the economy and dramatically increasing interest costs. because of the deal congress and the president made last year it be result in across the board budget reductions, still
on the fiscal cliff. this morning a leading republican said any deal should include the major drivers of our debt. >> the long-term indebtedness of this country is baby boomers retiring putting pressure on medicaid, medicare and social security. i hope my party will look out for the country and not just the party itself and pure this president to do something he has never done before, lead in a bipartisan way. >> reporter: a little swipe there at the end but republicans have been consistent that it is important to address entitlement reform, something they very much want on the table if we're going to have a big deal in this fiscal cliff matter. jon? jon: on the democratic side it seems like they are holding firm on being sure that there is additional tax revenue in any fiscal cliff deal, right? >> jon, no question about that. they have been consistent from the very beginning. the president ran on the upper income americans paying more taxes as part of this deal. we heard more from chuck schumer on "fox news sunday". >> we democrats realize that there have to be two sides to this bargain but
. right now you don't owe taxes on the forgiven debt. on the other side of the fiscal cliff you do. it gives homeowners a tax break on unpaid mortgage debt and expires on december 31st unless congress acts. >> the average amount that homeowners are short in a short sale is $95,000. if this tax break goes away as part of the so-called fiscal cliff, those homeowners could be taxed on that $95,000 as additional income starting in 2013. >> how much homeowners will owe in taxes on that amount depending on the tax bracket they're in. on average it would be between 20 to $25,000. the banks have an extra incentive to stel short and absorb the loss. under the national mortgage settlement act that went into effect earlier this year, the nation's biggest lenders get a credit for short sales as a form of foreclosure relief. foreclosures sell for $3700 less than homes via short sale. as we near the fiscal cliff you could expect short sales jump more as homeowners look it to aavoid gigt hit with tacks and bankss with foreclosed prormts. if we go over the cliff, the tax bill homeowners face with
of santa barbara. caller: we are in california here. we have gone over the fiscal cliff here. we are billions of dollars in debt. democrats and the labor unions are bankrupting this state. so democrat parties are so good why are we bankrupt? don't you think it's time that the unions instead of spending billions of dollars on political campaigns, give that money back to the membership so they can pay their own way? and as taxpayers and people like me that live on a fixed income don't have to be taxed out of our homes and lose the money we work hard to make? host: mr. welch. guest: first of all you have worked hard and -- but a couple things. number one, i can't comment on the california situation. i just don't know enough about it. although the reports are things are starting to turn around a little bit there. and it's very tough to pass a budget when you've got that superis majority requirement. number two -- supermajority requirement. number two, how we got here, it's not unions. the wages for americans have been going down for the past 10, 15 years. people are not keeping up wi
the street -- it includes finding a way to fix the debt. i'd make one other point on the fiscal cliff. i mentioned i thought the campaign was over. but yesterday the president was in michigan at what looked like a campaign event to me. and it seemed to me that the time might have been better spent here working on the fiscal cliff that he was there. by my way of thinking, he was encourage the people of michigan to continue to deny working people the right to not have to pay union dues in order to get a job. and, second, to continue to perpetuate a system that will keep our auto industry from being competitive enough to compete in the world marketplace. michigan is today on the verge of becoming the 24th right-to-work state in the united states. the senate and the house passed a bill in michigan. now they passed it again today. i understand the governor is about to consider whether to sign it. and this is what it will do. it will ensure that employees in michigan won't have to pay union dues in order to get or keep a job. the president said that michigan legislators shouldn't be taking awa
prepared to go over the fiscal cliff? >> oh, absolutely. >> alan simpson co-chair of the president's debt commission, says both sides are making a high stakes gamble. >> when you have leaders of parties and people of the administration saying, i think it will be to the advantage of the democrats to go off the cliff, i think it will be advantage to the republicans to go off the cliff, or the president to go off the cliff, that's like betting your country. there's stupidity involved in that. >>> syria on the bring. secretary of state hillary clinton holds emergency talks with russia as u.s. officials confirm reports that the syrian military is prepared to launch chemical weapons against its own people. >> we've made it very clear what our position is with respect to chemical weapons and i think we will discuss that and many other aspects. >> the whole world is watching. the whole world is watching very closely. and the president of the united states has made very clear that there will be consequences. >> plus, sharp criticism from afghan president karzai. the exclusive nbc interview. why he
of waste that we need to focus in on. the president is trying to solve the fiscal cliff, we are trying to solve the debt and the deficit. jenna: you have a fresh look at things. what do you think the leadership that exists now that is negotiating this that may be more entrenched in politics than you have been, what kind of advice would you give them. >> we are able to say to leadership and the leadership is able to listen from their own constituents instead, i'm from central oklahoma. the key thing that comes up over and over again is we have to deal with the debt and deficit. we hear the noise of that maybe closer to the ground and that is a good thing to be able to share. when you've got a trillion dollars of over spending we've got to deal with a trillion dollars of over spending. jenna: you came in fresh in 2010, you signed up for a second turn at this. >> there are a few things left to lee solve, let's get on with them. jen congratulations on a second term. thanks for coming into the studio. jon: a murder in broad daylight on a busy street in manhatten. new york police are releasi
to gdp. now, we don't want to get there that we. the same way we don't want to go over the fiscal cliff. in other words, the fiscal cliff is a big austerity. we get $7 trillion in the deficit reduction over the last ten years. but you don't do it the way we want to do it. when it comes to the baseline, we have to work together as part of an agreement to get the right baseline but that doesn't mean it is not for real world deficit reduction. it is. does it mean that it's better than the current law? maybe not. but there is an agreement that in the fiscal cliff is not the best way. >> we could add the baseline. the deficit to gdp. >> you said the deficit. >> you look at the current line baseline and get under 1% of deficit to gdp. >> seven years and 7 trillion of debt reduction. if anybody wants to read more about, please look at that space on what it takes. i thank you all for being here today. one reason we have to end it is that these people are going to be so instrumental in getting us out of this mess that we have to get them back to work. >> , come thank you. [applause] >> more abou
, the house and the white house, we hope that negotiations continue over the fiscal cliff. i want to ask you about the idea being discussed that raising the debt ceiling could be something that would be taken out of congress's purview andessential, for the president alone to make that decision, what do you make of that? >> insofar as we for talking about legislation, politically that, idea has to be deads on arrival. i don't know why congress would part with this, given to congress. this is an unwise proposal and not one that i see getting any traction. >> do you think that it is a broader, sort of look at different moves we have seen by this administration, to essentially go around congress, whether it comes to regulations or treaties or things that, in some ways have limited or no congressional intercention -- intervention, big policy decisions that impact americans as a whole. >> if it's an instance of the president's go-it-alone policy without congressional authorization, constitutionally, he is on the weakest possible ground. there is nothings in the constitution that can be read to the
. in july 2011 there was the debt ceiling debate and they set up this fiscal cliff for themselves because they knew that they only act in a crisis situation. so they set up this crisis and the question is whether they now have this cliff, are they going to actually move the cliff because they can't even act in a crisis. that is their own doing. i mean -- >> not much time left. >> gloria, thanks very much. >> yep. >> one of the biggest guessing games here in washington is who will replace treasury secretary timothy geithner. i'm going to ask robert ruben who should get the vital job. >>> also, we're going live to egypt. we're going to find out why massive protests have broken out again. you're looking at live pictures coming in from cairo. [ male announcer ] when was the last time something made your jaw drop? campbell's has 24 new soups that will make it drop over, and over again. ♪ from jammin' jerk chicken, to creamy gouda bisque. see what's new from campbell's. it's amazing what soup can do. it's so great to see you. you, too! oh, cloudy glasses. you didn't have to come over! actuall
up. i hope boehner and obama can find a way to avoid the initial effects of the fiscal cliff. but in february or march you have to raise the debt ceiling. i can tell you this, there is a hardening on the republican side. we're not going to raise the debt ceiling. we're not going to let obama borrow anymore money or any american congress borrow anymore money until with fix this country from becoming greece. that requires significant entitlement reform to save social from bankruptcy and medicare from bankruptcy. social security is going bankrupt in about 20, 25 years. medicare is going bankrupt in 15 or 20 years. the baby boomers are coming in at 10,000 a day. and we just can't scene this. martha: president last week said we'll not play that game. last time around they wouldn't let the debt ceiling go up, i tell you right now, something to this effect we will play that game. >> we will play that game, mr. president. that is not a game. the game you're play something small ball. you're talking about raising rates on top 2% that would run the government for 11 days. you got reele
are facing the fiscal cliff. last year we were facing the debt ceiling standoff, before that we were looking at several shutdowns it seems like abnormal and it seems abnormal in this type of situation where we are already looking ahead to the next potential shutdown for the next debt ceiling altercation. this creates uncertainty in a normal way so how can the congress breakout of this. >> it is in a timely manner. you know, obviously like in maryland we have a lot of contractor defense contractors very concerned about sequestering. i love the fact that many of them say warmer, and do simpson-bowles don't do sequester. everybody's smart and everybody's read it. the top line numbers are almost the same, and a memo to congress the next time you devotee fault don't make it so all of that you actually put a gun to your forehead which is kind of what we have done and through the the fault which i hope would be something a little bit going for it. i completely concur with you on the notion that maybe the most ridiculous thing that has taken place in the last couple of years from those who say they
they're talking about is peanuts. president obama was in michigan today pushing his fiscal cliff plan. he made the solution sound so simple. >> when you put it all together, what you need is a package that keeps taxes where they are for middle class familiefamilies, w some tough spending cuts on things we don't need, and then we ask the wealthiest americans to pay a slightly higher tax rate. >> but not so fast, mr. president. we need a little more than you're talking about. president obama says his plan reduces the deficit by $4 trillion over ten years. forget the fact it counts war savings which shouldn't count. let's go with the $4 trillion. john boehner said his plan cuts $2.2 trillion over ten years. you shouldn't be comparing those two nubs. what you should think about is $16 trillion. that's how much debt the country has. according to bill groesdz, the man who runs the biggest fund, ie, the man who decides how much we can spend and borrow, we have to cut spending or raise taxes. that's $1.6 trillion a year. that's $1.2 trillion a year more than the president proposes. and $1.38
today pushing the fiscal cliff plan and you know what? he made the solution sound so simple. >> when you put it altogether what you need is a package that keeps taxes where they are for middle class families, we make some tough spending cuts on things we don't need and ask the wealthiest americans to pay a slightly higher tax rate. >> not so fast, mr. president. president obama says his plan reduces the deficit we $4 trillion over 10 years. forget the fact that it counts war savings which shouldn't count and go with the $4 trillion. house speaker john boehner said his plan cuts $2.2 trillion over 10 years. think about $16 trillion. that's how much debt this country has and according to bill gross, the man who runs the world's biggest bond fund, the guy that decides to lend money to the united states and how much we have to pay to borrow, says we have to cut spending or raise taxes by 11% of gdp over next 10 years and according to gross that's $1.6 trillion a year. that is, let's just make this clear, $1.2 trillion a year more than the president proposes and $1.38 trillion a year more tha
cliff and we shouldn't be having this debt ceiling every nine months that does not contribute to market stability. if we're going to have a $4 trillion deal we need certainty in the taxes and the entitlement spending side. both of those things need to happen. markets need to be able to look at it and say it is for certain. when we do look at federal health spending i would like to see a short-term and long-term approach here. on the short-term side of this, there is only one way to get this thing done, it seems to me by december 31 and have any kind of market credibility to it. it needs to be hard and fast so people can look at it, i can calculate it and be sure it is there. if it is raising the eligibility age. i think all of those should be discussed. this is not just a decade issue, this is a second and third decade issue. all of those things ought to be implied. echoing comments that a number of folks have made, there needs to a long-term approach here. just like we were talking about on taxes we need to do something that is going to create a better system over time. we need to do t
of the opportunity we have now with the fiscal cliff debate to bring attention to it because i don't think it's getting enough attention. there's no greater threat to america's growth and prosperity than our uncontrolled national debt. currently the country posts -- country's debt exceeds $16 trillion. we face the so-called fiscal cliff that could send our economy into another recession. in these difficult times we're challenged by people we represent to find real solutions, not short-term band-aids. as we move forward, it's clear that we must discuss spending. emphasize that word "spending." i know that president obama is hyperfocussed on increasing taxes as part of his deficit-reduction proposal, and i think the the election shows that he's legitimate in doing that. but he could have really declared victory about three weeks ago and in the three weeks since then spend time talking about the expenditure side of the ledger. because if we're going to be serious about reducing our debt, we must talk about spending. not some time next year, not only after we talk about taxes. we must talk about
to handle the fiscal cliff? 48% believe president obama and republicans will reach an agreement but 43% say they won't. meantime, president obama is giving a stern warning to republicans who may be trying to use the debt ceiling as leverage. >> if congress in any way suggests that they're going to tie negotiations to debt ceiling votes and take us to the brink of default once again as part of a budget negotiation, which by the way we have never done in our history until we did it last year, i will not play that game. >> we should say that the president and house speaker john boehner did speak by phone yesterday. that was the first time in a week. no one is saying what the conversation was about. shortly after that call treasury secretary tim geithner went on cnbc and said the white house is ready to go off the cliff. >> if republicans do not agree to that, is the administration prepared to go over the fiscal cliff in. >> absolutely. there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest. it's only 2%. >> i want to bring in "usa today" b
to raise the debt limit whenever he wants by as much as he wants, he showed what he's really after is assuming unprecedented power to spend taxpayer dollars without any limit at all. >> even as the fiscal cliff negotiations drag on in washington, wall street seems to be basically unphased. the dow jones has slipped only about 200 points since the election. why isn't wall street more on edge itself? william cohen is the author of "money and power, hold goldman sachs came to rule the world." the labor department came out with the applications for unemployment aid saying it fell sharply for the last week and stocks basically opened flat this morning as we've seen. some of that has to do more with europe than it does with washington. but what is your reasoning for why wall street hasn't displayed more of an impact from this fiscal cliff nonsense? >> thomas, what wall street hates most of all is uncertainty and it's counterintuitive, there's actually plenty of certainty now. what's going to be certain is taxes are going up. either we go off the cliff or the curb and then taxes rise for
campaign for re-election, the president called for a balanced approach to solve the fiscal cliff crisis. unfortunately, the plan his administration submitted to congress does not include the spending cuts necessary to address our nation's $16 trillion national debt. according to the senate budget committee ranking member, jeff sessions, staff calculation of data from the congressional budget office and the office of management and budget, the president's plan suggests that roughly 75% of $1.2 trillion in new revenue be directed to new spending instead of deficit reduction. the fiscal cliff must be averted to protect our economy for future generations. yesterday, house speaker john boehner asked the president to identify specific cuts he's willing to make for a balanced approach. i hope the president will take immediate action so progress can be made for a bipartisan solution. in conclusion, god bless our troops and we will never forget september 11 and the global war on terrorism. the speaker pro tempore: the time of the gentleman has expired. the chair recognizes the gentleman from new
to the fiscal cliff. here's what we do know. we know that the president wants more stimulus spending and an increase in the debt limit without any cuts or reforms. that's not fixing our problem, frankly, it's making it worse. and on top of that, the president wants to raise tax rates on many small business owners. now, even if we did exactly what the president wants, we would see red ink for as far as the eye can see. that's not fixing our problem either, it's making it worse, and it's hurting our economy. i think the members know i'm an optimist. i'm hopeful that we can reach an agreement. this is a serious issue, and and there's a lot at stake. the american people sent us here to work together towards the best possible solution, and that means cutting spending. now, if the president doesn't agree with our approach, he's got an obligation to put forward a plan that can pass both chambers of the congress. was right now -- because right now the american people have to be scratching their heads and wondering when is the president going to get serious. rick: so that, of course, the spea
's savannah. >>> new movement this morning to try and avoid the fiscal cliff. some republicans are considering abandoning their staunch opposition to higher tax rates according to recent reports. alan simpson was co-chair on the commission of fiscal responsibility. he's a co-founder of fix the debt campaign and joins us now. senator simpson, good morning, it's great to see you. >> great pleasure to be off the witness protection program and come here. but what even more fun, david brubeck used to come to wyoming a great deal. he and his family, lovely people. i did not know he had passed. and to hear that music, it's iconic stuff. anyway. so it's good to sneak in and get made up, try to hide my identity. >> well, it's good to have you here. you say you're in the witness protection program because you've been out there on the issue of how we fix our national deficit. as you well know, we face the fiscal cliff, a series of tax hikes and spending cuts that many people think if they go into effect will put the country into recession. yet we heard the treasury secretary tim geithner say the presiden
's not what the american people thought the fiscal cliff was about. they thought it was about trying to have something to force us, force our congress and our president to do something about the deficit and debt situation. everything they're talking about will make it worse. >> what's the answer? will we have the deal? >> the real answer is to have comprehensive. look at this. i as a republican, i would take raising the rates on the two top brackets if, in return, we had tax reform laid out over a period of months, if we had entitlement reform. we have to control defense spending. we have to control other no non- -- other discretionary non-defense spending. i think if you have the whole package, i would hold my nose despite the fact raising those two tax brackets is bad economics, bad for jobs, will hurt the economy, i would hold my nose to get the other done. what i wouldn't do is vote for that and do nothing else. >> agree completely. what i've been saying here. steve rattner. >> i agree completely. to get a big deal we all have to hold our nose a little bit and accept things we don't want
of the fiscal cliff, higher taxes on everybody. one thing that will happen without an agreement, all the bush tax rates go away, so everyone's taxes are going to go up. you'll see that emphasized over the next couple weeks. you'll hear the white house talk about what a bad situation there will be after january 1 if this deal is not cut. >> david jackson, "usa today," shira toeplitz, "roll call." we appreciate your time so much we'll talk to you later in the hour as well. >> thank you. >>> the last remaining house race of the 2012 election cycle is pabt to come to a close. in louisiana, republican congressman charles boustany jr., jeff landry facing off in a runoff election. they were forced to run in the same district in bayou because of the state's shrinking congressional delegation. both conservative republicans, landry a tea party freshman. we'll keep you abreast of what happens. >>> meanwhile, high drama about to surround the high court as the justices agree to take on the high-stakes issue of same-sex marriage. ♪ >>> the man with that most-watched youtube video of all time due to perfo
's desk is the quickest and most sensible way out of this crisis. avoiding the fiscal cliff is no excuse for republicans to replace this artificial crisis with another one. congress should pass the proposal to end periodic standoffs over the debt ceiling. this plan would give president obama the authority to avoid default over the nation's bills. democrats are ready to vote any time but first senator mcconnell needs to stop filibustering his own legislation rhode island now speaker boehner and minority leader mcconnell are the only thing standing between congress and compromise. it's time for them to prove to american families that they're more interested in protecting the medal class than pleasing the tea party. mr. president, on another subject, i rise to honor our colleague, the senior senator from nebraska, ben nelson, upon his retirement from the united states senate, to become effective after the first of the year. for 12 years senator nelson has been a valued member of the democratic caucus and an exemplary senator for nebraska and the country. but his life in public service leads
-- [inaudible] 53% of americans will blame republicans in congress if you go over the fiscal cliff. how long can you have that hard line on those making 250 and above. >> america faces a very serious problem and our goal is to make sure it gets solved. we have a debt problem that is out of control. we have got to cut spending and i believe it is appropriate to put revenues on the table. the receive news we are putting on the table are going to come from, guess who? the rich. there are ways to limit deductions, close loopholes and have the same people pay more -- more of their money to the federal government without raising the tax rates which we believe will harm our economy. [inaudible question] >> i think our members understand the seriousness of the situation that our country faces. trillion dollar deficits for as far as the eye can see. $16 trillion of debt on the books. every man, woman and child owing the american government $50,000 and that number is increasing every single year. as a result, our members understand that we've got to solve the problem, and we will. >> the house is going to
as part of a plan to avert the fiscal cliff. >> we must reform the job killing tax code by getting rid of loopholes. our goal should be to create new taxpayers. the gop commented raising taxes won't solve the nation's 16 trillon dollar debt. the potentialal candidate in 2016 he said only economic growth and reformingen titlement programs can control the debt. >> the former florida governor said is he a democrat now. he announced that last night. he posted a photograph where he was holding a voter application. the times reported that he signed papers to change to democrat at a christmas reception at the white house. >> yesterday marked the 71st anniversary of the pearl harbor attacks and many paused to remember that faceful day. in hawaii there was a moment of silence. that surprise attack killed about 2400 people. it was the start of the united states involvement in world war ii. >>> in alameda pearl harbor survivors took part in the ceremony at the coast guard island. the 21 guard salute honored the survivors, they are still fresh for the men who were there. 91-year-old was on the w
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